Financial Aid Programs

The Cayce/Reilly School is approved to offer the Pell Grant, Unsubsidized Direct Loan, Subsidized Direct Loan, and Parent PLUS Loans to those who qualify.

Federal Pell Grant

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to students who have not earned a bachelor's or a professional degree. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.

EligibilityThe College Cost Reduction and Access Act (CCRAA) states that a student who’s EFC does not exceed $5,730, is eligible to receive a Pell Grant.

Maximum Pell Grant AwardThe maximum Pell Grant award for the 2014-15 award year (July 1, 2014 - June 30, 2015) is $4,456. This amount is pro-rated for a 700-hour diploma program. The maximum amount can change each award year and depends on program funding. The amount you get, though, will depend not only on your financial need, but also on your costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.

Disbursement:The school will apply Pell Grant funds to your school costs (tuition, fees, etc.) and pay you directly (usually by check), any remaining funds. The school will tell you in writing how much your award will be and how and when you'll be paid. Funds will be disbursed at least once per term (semester/full-time, half-way point/part-time).

Federal Direct Loans

Federal Direct Loans are funded by the federal government, as opposed to a bank or lending agency, and are available to students and parents of dependant students who qualify. Students will have to sign a promissory note, a binding legal document that lists the conditions under which you're borrowing and the terms under which you agree to repay your loan.

The Cayce/Reilly School participates in three (3) types of Direct Loans:

Subsidized Loan

A subsidized loan is awarded on the basis of financial need. Students eligible for a subsidized loan, the government will pay (subsidize) the interest on your loan while you're in school. Depending on your financial need, you may borrow subsidized money for an amount up to the annual loan borrowing limit.

Maximum Subsidized Loan Amount: $2,722Students at the Cayce/Reilly School receive a pro-rated loan amount, based on a 700-hour diploma program.

Dependent undergraduate students:(excluding students whose parents cannot borrow PLUS Loan) The maximum amount that a student can borrow is $2,722.

Independent undergraduate student:(including a Dependent student whose parents have applied for but were unable to get a PLUS Loan) The maximum amount a student can borrow is: $2,722.

Unsubsidized Loan

Unsubsidized Loans are not based on a student’s level of financial need and may help cover costs that Pell Grants and Subsidized Loans do not. The school will subtract the total amount of your other financial aid from your cost of attendance to determine whether you're eligible for an unsubsidized loan.

Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it's paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay.

Maximum Unsubsidized Loan Amount:Students at the Cayce/Reilly School receive a pro-rated loan amount, based on a 700-hour diploma program.

Dependent students: (excluding students whose parents cannot borrow PLUS Loan) The maximum amount that a student can borrow is $1,556.

Independent students: (including a Dependent student whose parents have applied for but were unable to get a PLUS Loan) The maximum amount a student can borrow is $4,667.

Annual Loan Limits (Subsidized + Unsubsidized)

You can receive a subsidized loan and an unsubsidized loan for the same enrollment period as long as you don't exceed the annual loan limits.

Dependent students:$4,278 (no more than $2,722 of this amount can be in subsidized loans)

Independent students:$7,388 (no more than $2,722 of this amount can be in subsidized loans)

How Direct Loans are Disbursed/Paid

Direct Loan amounts will be dispersed electronically to the student’s tuition account at the school in at least two installments. No installment may exceed one-half of your loan amount. Your loan money must first be applied to pay for tuition, books and any other fees that may apply.

The student will be issued a check for any remaining funds. The student must sign a certification statement located in the Appendix section that allows the Cayce/Reilly School to apply Federal Title IV funds and other funds to tuition fee and book charges.

*Generally, if you're a first-year undergraduate student and a first-time borrower, the school cannot disburse your first payment until 30 days after the first day of your enrollment period. This practice ensures you won't have a loan to repay if you don't begin classes or if you withdraw during the first 30 days of classes.

Parent PLUS Loan

Parents can borrow a PLUS Loan to help pay your education expenses if you are a dependant undergraduate student enrolled at least half time. For a Direct PLUS Loan, your parents must complete a Direct PLUS Loan application and promissory note, contained in a single form that you get from the Cayce/Reilly School’s financial aid office.

Both parents may get a PLUS Loan, as long as the total aid package does not exceed your cost of attendance. For financial aid purposes, a parent must be the student’s biological or adoptive mother or father; a legal guardian is not considered a parent for FSA purposes.

Parents will be required to pass a credit check. If they don't pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan.

Maximum Loan Amount: The yearly limit on a PLUS Loan is equal to your cost of attendance minus any other financial aid you receive. If your cost of attendance is $6,000, for example, and you receive $4,000 in other financial aid, your parents can borrow up to $2,000.